Student Stafford Loans - Preferred Lenders - Benefits

Lender

Lender Code

2008-09 Fixed Interest Rates
Subsidized	Unsubsidized

Web-site

Wachovia

870005

6.0%

6.8%

1% reduction of principal amount at time of each disbursement

This reduction benefit will be retroactively reversed if the first 12 monthly payments are not made on time

.25% interest rate reduction in repayment phase if you pay using automatic payment from your bank account (EFT - electronic fund transfer)

PNC Bank

809921

6.0%

6.8%

.30% interest rate reduction in repayment phase if you pay using automatic payment from your bank account (EFT - electronic fund transfer)

Chase Bank

808956

6.0%

6.8%

Currently no repayment benefits offered.

US Bank

816086

6.0%

6.8%

1% reduction of principal balance after 12 on-time monthly payments.

Please note the following:

Subsidized Stafford Loan -- loan interest is paid by the government while enrolled at least half-time (6.0 credit hours or more) and during the six month grace period.
Unsubsidized Stafford Loan -- loan interest accrues from the time of each disbursement and is the responsibility of the student. The student may make quarterly interest payments by:
1. Indicating this choice when completing Master Promissory Note (MPN); or
2. Calling Great Lakes Corporation (800-236-4300) or other guarantor agency if applicable.
By federal regulation, interest rates are different for Subsidized and Unsubsidized Stafford Loans.
Most lenders are likely to charge a 1% origination fee for 2008-09 (this is a change from 07-08). The 1% default fee is currently being paid by Great Lakes Corporation (Loan Guarantor Agency); however, this too is subject to change in December 2008. If you choose to use a lender not on this list, please consult the lender regarding any fees.